Iran approves petroleum contract, anticipates fresh oil revenue
Iranian officials approved the new Iran Petroleum Contract (IPC) yesterday after a series of political delays.
Reuters reported that the Iranian government’s chief economic advisory body, the Resistance Economy Headquarters, signed off on the contract pending the inclusion of several amendments.
The launch of the contract was delayed after rivals of President Hassan Rouhani rejected any deal that could do away with the ‘buy-back system’, which prevents foreign firms from booking reserves or taking equity stake in Iranian companies.
The IPC is an important step forward as Iran looks to expand its energy sector following the removal of international sanctions early this year. A senior official with the state-run National Iranian Oil Co. has said that the country is looking to double its crude exports — provided the increase is absorbed by global markets
According to the Deputy Petroleum Minister for International Affairs and Trading, Amir Hossein Zamaninia, the IPC will likely be signed off within the next three months.
Zamaninia was also quoted as saying that the country anticipates attracting US $40 or $50 billion in petroleum investments annually.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.